The sale of the store comes as the Wharton administration is preparing a game plan for the next step in the history and development of the entertainment district.

The store survived the dark days of urban renewal in the late 1960s and early 1970s when much of the rest of the street was turned over to the city and some buildings were either demolished or fenced off.

The renovated Beale Street district opened in the fall of 1983 with Schwab continuing to sell sundry items as it had for decades before along with tourist items.

Beale Street developers had tried over the years to talk the store owners into staying open into the night without any luck.